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HomeMy WebLinkAbout909017After recording please return to: HomeStart Administrator Federal Home Loan Bank of Seattle 1501 Fourth Avenue, Suite 1900 Seattle, WA 98101-1693 RECEIVED 6/7/2005 at11:24 AM I~ECEIVING # 909017 BOOK: 587 PAGE: 422 JEANNE WAGNER LII'ICOLN COUNTY CLERK, KEMI/IERER, WY FEDERAL HOME LOAN BANK OF SEATTLE Mortgage with Power of Sale and Retention Agreement THIS MORTGAGE WITH POWER OF SALE AND RETENTION AGREEMENT ("Agreement") is made this 20m day of December, 2004, between: Dana E. Buchwald and Martina Lynn Hansen("Mortgagor"), whose address is 515 Three Rivers Drive, Alpine, Wyoming 83128, and The Federal Home Loan Bank of Seattle ("Mortgagee") whose address is 1501 Fourth Avenue, Suite 1900, Seattle, Washington 98101-1693. MORTGAGE PROVISIONS. Mortgagor, in consideration of a grant in the amount of Five Thousand Dollars ($5,000.00) made by Mortgagee, and to secure the performance of Mortgagor's obligations hereunder, hereby mortgages and warrants to Mortgagee the following described real property ("Property") in Lincoln County, Wyoming: Lot 22, Forest Meadow Subdivision, according to the official plat thereof recorded in the Office of the County Clerk, Lincoln County, Wyoming. Tax Account Number: 37182830100400 This Agreement is for the purpose of securing performance of Mortgagor's agreements set forth herein. Mortgagee shall cancel or discharge the mortgage upon satisfaction of Mortgagor's obligations upon written request. Upon default by Mortgagor in the payment of any indebtedness secured by this Agreement or in the performance of any agreement contained herein, Mortgagee may foreclose this mortgage, by court proceeding or by advertisement and sale of the Property at public auction in Lincoln County, Wyoming, pursuant to applicable provisions of Wyoming law, and may in the name of the Mortgagee or as the attorney in fact of the Mortgagor, for such purpose hereby irrevocably appointed, effectually convey the Property to the purchaser or purchasers absolutely and forever; and any foreclosure shall forever bar Mortgagor and all persons claiming under Mortgagor from all right and interest in the Property. Mortgagee shall apply the proceeds of the sale as follows: (1) to the expense of the sale, including a reasonable attorney's fee; (2) to the obligation secm'ed by this Agreement; (3) the surplus, if any, shall be distributed to the persons entitled thereto. In the event of a foreclosure sale of the Property pursuant to the provisions of this Agreement, the purchaser shall have immediate and peaceable possession of the Property, and if Mortgagor remains in possession after the effective date of such sale such possession shall be construed as a tenancy at sufferance only, giving the purchaser all remedies, by way of summary possession or otherwise, conferred by law. This Agreement applies to, inures to the benefit of, and Federal Home Loan Bank of Seattle - Affordable Housing Program State of Wyoming 0423 is binding not only on the parties hereto, but also on their heirs, devisees, legatees, administrators, executors, assigns and successors. RETENTION AGREEMENT. Mortgagee has issued a $5,000.00 HomeStart Program Grant ("Grant") to assist Mortgagor in purchasing the Property. Federal regulations (12 CFR Part 960) restrict Mortgagor's ability to sell, lease, or refinance the Property, to ensure the Grant is used only for housing retained as "affordable housing" and as Mortgagor's primary residence for at least five years from the date this Agreement is recorded ("Retention Period"). Mortgagor agrees to notify Mortgagee in writing received at least two weeks prior to any sale, lease or refinancing of the Property occurring during the Retention Period. Mortgagor may notify Mortgagee by either hand-delivery or certified mail, return receipt requested, at the address set forth above, Attention: HomeStart Administrator. If Mortgagor sells, leases or refinances the Property during the Retention Period, Mortgagor must repay to Mortgagee all or a portion of the Grant, without interest, in an amount calculated by Mortgagee equal to the Grant amount multiplied by the percentage of the Retention Period remaining as of the closing of such transaction. Mortgagor shall not be required to repay any portion of the Grant if: (a) Mortgagor refinances and the Property remains subject to the encumbrance created by this Agreement; or (b) Mortgagor's interest in the Property is divested via foreclosure of a lien or mortgage senior to this Agreement. Mortgagor is not required to repay an amount exceeding the net jain realized on a sale of the Property after deduction of sales expenses. Mortgagor shall not be required to repay any portion of the Grant if the Property is sold to a person eligible to participate in the HomeStart Program, but only if: (a) such person's purchase of the Property is not partially f'manced with the proceeds of a HomeStart Program Grant; (b) such person assumes the obligations under this Agreement, which assumption shall not be valid or recognized unless Mortgagee gives its PRIOR written approval to such assumption; and (c) the Property continues to be subject to this Agreement. MORT-GAGOR(S): Dana E. Buchwald l¢lartl'~a Lynn Hansen STATE OF WY/OM~G ) I s,. I certify that I know or have satisfactory evidence that~.~,~~2 :~ the person(s) who appeared before me on this date, and said person(s) acknowledge~t that __ signed this instrument and acknowledged it to be __ free and voluntary act for the uses and purposes stated therein. &JOY M. INGOLD* NOTARY PUBLJO gounty ot ~ 8tare of Teton ~ Wyomlr~l Commlsslon Expires May 28, 200? (Use this space for notarial stamp/seal) Date: [/,~ NOT ~' el ~ St~ate? Residing/9~/ ~ MY appoin~-/tment expires /'/'/'/'~/~2~/ff,,,7 Federal Home Loan Bank of Seattle - Affordable Housing Program Page 2 F-A-y (Rev. 4-04)